Range Energy receives $907,305 loanThis is a bit different...
Range Energy receives $907,305 loan
2016-06-21 15:47 MT - News Release
Mr. Toufic Chahine reports
RANGE RECEIVES CDN$907,305 LOAN
Range Energy Resources Inc. has received a loan totalling $907,305 from an arm's-length party to continue to fulfill its obligations to joint venture participants so that the development of the Khalakan block in the Kurdistan region of Iraq can continue, as well as provide general working capital.
The loan is unsecured and evidenced by a loan agreement bearing an interest of 7 per cent for the duration of the outstanding loan, calculated and payable on demand. The company may pay the loan in whole or in part, at any time without penalty.
As the $907,305 is a loan from an insider bearing an interest of 7 per cent, the loan constitutes a related party transaction within the meaning of Multilateral Instruments 61-101 -- Protection of Minority Security Holders in Special Transactions. The company relied upon the applicable exemptions under MI 61-101 from the formal valuation and minority shareholder approval requirements in relation to the loan.
The company also wishes to announce that the number of issued and outstanding common shares as at May 18, 2016, in the information circular was 819,405,977.
We seek Safe Harbor.
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